As this card only needs to be in your possession when it is destroyed by the opponent, you can activate it in response to your opponent destroying it with a card like "Mystical Space Typhoon" to get both its effects.
It will also activate even if the initial activation is negated. For instance, "Dark Bribe" will negate the destruction effect along with the set, but you will still force your opponent to skip their next Battle Phase.
Summon this card with "Magical Hats"; if they attack it, the second effect will go off, skipping the Battle Phase of the next turn. Note that it will not if it is destroyed at the end of the Battle Phase by "Magical Hats" itself.